Inventory-led model doesn't suit us; will deploy funds in building packaging centers & strategic marketing: Ambareesh Murty, CEO, Pepperfry
Founded in 2011 by ex-eBay employees Ambareesh Murty (CEO) and Ashish Shah (COO), e-commerce portal Pepperfry.com is trying to tap the nearly $2 billion niche furniture and home decor space in India. The Mumbai-based company claimed to have crossed Rs 100 crore in gross merchandise value (GMV) in January this year, and was shipping 3,000 products a day with average order value of around Rs 2,000. Furniture and home furnishings were contributing to 40-45 per cent of the business, while jewellery contributed for 30 per cent.
The company had also raised $8 million from its existing investor Norwest Venture Partners in April this year, taking the total capital put into the company so far to about $13 million. In an exclusive chat with Techcircle.in, Murthy talks about the company's road to profitability, why inventory led e-commerce would not work for Pepperfry, its investment plan, and how furniture bulk sales could be a new business vertical for it. Watch the video for more.